https://www.taxtmi.com/caselaws?id=408407 The Tribunal set aside the Commissioner of Income Tax (Appeals)'s order and directed the deletion of the disallowance of interest amounting to Rs. 39,04,797 under section 36(1)(iii) of the Income Tax Act, 1961. The Tribunal found that the assessee had sufficient non-interest-bearing funds to cover the advances made, which were from reserve capital of the partners and outstanding since earlier accounting periods. It concluded that the CIT(A)'s order was not sustainable in law as it was contrary to evidence and legal principles, thereby ruling in favor of the assessee. en-us Thu, 08 Apr 2021 00:00:00 +0530 Thu, 10 Jun 2021 08:41:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408407 The Tribunal set aside the Commissioner of Income Tax (Appeals)'s order and directed the deletion of the disallowance of interest amounting to Rs. 39,04,797 under section 36(1)(iii) of the Income Tax Act, 1961. The Tribunal found that the assessee had sufficient non-interest-bearing funds to cover the advances made, which were from reserve capital of the partners and outstanding since earlier accounting periods. It concluded that the CIT(A)'s order was not sustainable in law as it was contrary to evidence and legal principles, thereby ruling in favor of the assessee. Case-Laws Income Tax Thu, 08 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408407